Carl Zeiss Meditec AG Deep Dive China | Market Leadership & Long-Term Growth Strategy

Carl Zeiss Meditec AG Deep Dive

Carl Zeiss Meditec: China Strategy Deep Dive and Growth Outlook

Presented by Sebastian Frericks, Head of Group Finance & Investor Relations

In this comprehensive China-focused investor presentation, Sebastian Frericks, Head of Group Finance & Investor Relations at Carl Zeiss Meditec, provides a strategic deep dive into the company’s operations and growth opportunities in one of the world’s most dynamic and promising healthcare markets.

🇨🇳 China – A Strategic Growth Engine

China is Carl Zeiss Meditec’s largest single-country market, now contributing approximately 26% of group revenue — up from just 6% a decade ago. This growth has been driven by:

Rapid urbanization
Rising middle-income population
High myopia prevalence
Aging demographics fueling demand for cataract and retinal solutions

Despite short-term challenges such as anti-corruption reforms, post-COVID consumer sentiment softness, and volume-based procurement (VBP) schemes, Carl Zeiss Meditec has remained resilient. The long-term fundamentals in China remain intact and highly attractive.

Segment Highlights

Refractive Surgery

ZEISS is the undisputed market leader in China with an estimated >50% market share
Over 1,200 installed VISUMAX femtosecond lasers, with more than 15% due for replacement
New platforms VISUMAX® 800 and PRESBYOND® launched for high-growth refractive and presbyopia treatments
SMILE procedure accounts for 70% of volume, significantly ahead of LASIK (30%)
Despite macro headwinds, market share continues to grow

Intraocular Lenses (IOL) & Cataract Surgery

Fastest-growing surgical segment for ZEISS in China
IOL volumes growing ~20% CAGR in FY23/24, driven by VBP pricing reset and increased access
Strong performance in premium IOLs (multifocal & presbyopia-correcting), with ~30% growth
Significant runway to close the cataract surgery volume gap with the US

Retina & Surgical Solutions

ZEISS among the top 3 global players in posterior segment surgery
Integration of DORC expanding ZEISS’ retinal surgery workflow
New product approvals in FY24 enabling rollout in China

ZEISS Local Presence in China

ZEISS is deeply embedded in the Chinese healthcare ecosystem through:

Manufacturing facilities in Suzhou and Guangzhou
China-specific R&D capabilities and product design
Experienced local regulatory and clinical affairs teams
Extensive sales and service infrastructure across the country

Remarkably, ZEISS brand awareness in China exceeds that of its home market, Germany — a legacy of decades of optical innovation in telescopes, eyewear, and imaging systems.

Addressing Short-Term Headwinds

VBP tenders have reduced prices (~40%) but expanded patient access
Post-COVID overstocking in refractive consumables has normalized
“Buy local” policies are offset by ZEISS’ Chinese manufacturing footprint

Long-Term Strategy & Growth Levers

Promote full refractive portfolio, especially VISUMAX® 800 and PRESBYOND®
Accelerate premium IOL penetration and clear lens exchange programs
Expand DORC-based retinal surgery platform
Deepen localization to navigate regulatory and cost environments
Capitalize on brand strength, IP leadership, and ongoing innovation to stay ahead of domestic competitors

Conclusion

Despite recent challenges, China remains a strategic priority and high-growth market for Carl Zeiss Meditec. With an unwavering commitment to innovation, a robust local presence, and a trusted global brand, ZEISS is well-positioned to sustain leadership in ophthalmic care across one of the most dynamic healthcare landscapes in the world.

Chapters

China MedTech market offers substantial growth opportunity
Comprehensive product portfolio and leading market position
China has been a massive growth driver for Carl Zeiss Meditec
China refractive
China IOLs – fastest growing volumes in surgical portfolio
A clear strategy to sustain growth over mid- to long-term

Resources

Host

Sebastian Frericks
Head IR | Carl Zeiss Meditec AG

Thu Anh Klimpke
IR | Carl Zeiss Meditec AG

Yao Sun
IR | Carl Zeiss Meditec AG

Mandy Pfeil
IR | Carl Zeiss Meditec AG

T&C:

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